Dhanlaxmi Bank has revised interest rates on its short term domestic deposits, by 75 to 300 basis points
Dhanlaxmi Bank Ltd has announced an upward revision of interest rates on its select short term domestic deposits, by 75 to 300 basis points. The new rates, effective today, are applicable for card rate slabs of term deposits of less than Rs15 lakh and for deposits of Rs15 lakh and above and up to and inclusive of Rs1 crore.
For short term deposits with maturity period between 46-90 days, the bank will offer interest rates of 9.00% p.a., an increase of 300 bps across both the card rate slabs.
The recently introduced medium term maturity of 500 days will continue to be offered at a peak interest rate of 9.00% p.a. and 9.35% p.a. for term deposits of less than Rs15 lakh and for deposits of Rs15 lakh and above, respectively. The bank had launched the 500 days maturity on 20 January 2011.
The bank will offer interest rate of 8.75% p.a. for deposits across both the slabs with a tenor of between 91-179 days, an increase of 150 bps and 125 bps. Interest rate of 9.25% p.a. will be offered on medium term deposits with maturity between 180-365 days, an increase of 125 bps for term deposits of less than Rs15 lakh and increase of 75 bps for deposits of Rs15 lakh and above. Rates for short term deposits between 7-14 days and 15-45 days have been kept unchanged at 3.50% and 5.00%, respectively.
For both the card slabs, interest rates for long term maturities of 366-499 days, 501 days & above up to and inclusive of 2 years and for the bucket of above 2 years up to and inclusive of 5 years too have been kept unchanged at 8.60%, 8.60% and 8.75% respectively. Senior citizens will be eligible for an additional rate of 0.50% p.a. for tenures starting from 180 days and above, as before.
On Thursday, Dhanlaxmi Bank ended 2.99% down at Rs105.45 on the Bombay Stock Exchange, while the benchmark Sensex declined 3% to 17,632.41
Venus Remedies will be launching Sulbactomax in the Mexican market by 2012
Venus Remedies Ltd, a research based Indian pharmaceutical company, has received a patent grant from the IMPI (Instituto Mexicano de la Propiedad Industrial) for its product Sulbactomax. With this grant Venus Remedies has Sulbactomax patent in total 42 countries, including Europe, and the patent for this product is valid till 2024.
Pawan Chaudhry, CMD, Venus Remedies, said, "Venus Remedies will be launching Sulbactomax in the Mexican market by 2012 and is targeting to capture 1% of the total $176 million anti-infective market in the launch year itself."
The Mexican pharmaceutical market is the world's ninth largest, leading and the most developed in Latin America. Per-capita spending on pharmaceuticals in Mexico is the highest in Latin America ($110) and is rising at about 6% per year. The Mexican pharmaceuticals market is worth $19.0 billion and is growing at a CAGR of 7.1%.
Mr Chaudhary further added, "Mexico, at present, is facing a high prevalence of extended spectrum betalactamases (ESBLs) producing and multi-resistant microbes. Sulbactomax effectively kills resistant bacterial strains by breaking bacterial biofilms and has efficacy against penem resistant strains also."
Sulbactomax is the breakthrough in antibiotic therapy with triple mechanism of action. Sulbactomax, along with a chemical vector as third ingredient, is used for a wide range of indications due to its unique capability of fighting against resistance. It is effective against ESBLs like lower respiratory tract infections, urinary tract infections, pre and post operative infections.
Sulbactomax with IP protection is an effective means to tackle the growing resistance towards Cephalosporin which has a market worth $9.7 billion globally.
On Thursday, Venus Remedies ended 0.42% down at Rs214.50 on the Bombay Stock Exchange, while the benchmark Sensex declined 3% to 17,632.41.
Special leave petition in Supreme Court revives the matter of the controversial role of the SEBI board in exonerating CB Bhave’s role as NSDL chief in the IPO scam in 2006
After a publicity blitz hailing Chandrashekar B Bhave as the messiah of retail investors (not by Moneylife) and the best chairman of the Securities and Exchange Board of India (SEBI) we learn that the Supreme Court is asking questions about a big blot on SEBI's credibility, which large sections of the media chose to bury.
Hearing a special leave petition (SLP) 2801 of 2011, against a Delhi High Court order, a bench comprising Justice R V Raveendran and Justice A K Patnaik has asked SEBI to respond within two weeks, as to why the report of the Mohan Gopal-V Leeladhar Committee (comprising SEBI board members), in connection with the 2006 multiple-applications to IPO (initial public offerings) scam, was rejected outright.
Readers of Moneylife would recollect that although chairman CB Bhave had recused himself from issues related to the IPO scam, the entire board, led by whole-time directors appointed by him, had worked hard to ensure that every trace of the IPO scam, especially the indictment of the National Securities Depository Limited (NSDL) when Mr Bhave was its chairman, was expunged and erased (the Central Depository Services of India was a beneficiary of this protection to NSDL and also got away scot free). The orders of the committee were declared void based on an opinion of C Achutyan, former presiding officer of SAT.
(Read: The Curious Case of Suppressed Orders; What will SEBI decide today?; Sacrificing SEBI’s credibility to save NSDL; Reining in the Regulator )
According to a report in the Indian Express, the Supreme Court openly wondered why the report of a bench of the SEBI board was sidelined and ignored. The court was hearing an SLP filed by an NGO called the Social Action Forum For Manav Adhikar which has alleged that Mr Bhave showed "undue favours" to NSDL in the IPO 2006 scam issue. It has advocate Prashant Bhushan as its counsel. (Incidentally, a petition filed by the NGO before the Delhi High Court was dismissed and a cost of Rs50,000 imposed on it for unnecessary litigation.)
Yet, it is interesting to look at the questions of law raised by the petition, since it can have a big impact on the perception about how SEBI has functioned in the past three years under Mr Bhave's chairmanship. The SLP asks:
The petition further states that the Delhi High Court, "failed to appreciate that the SEBI board, may, without any legal authority, in an arbtirary and mala fide manner, usurp the powers of judicial review of quasi-judicial orders, which, under the SEBI Act, are subject only to review by SAT and the Supreme Court and High Courts under Articles 32, 226/227 respectively". And whether actions taken by SEBI in the exercise of judicial power were, in the words of Justice J S Verma (former chief justice of the Supreme Court) "a violation of established legal and constitutional principles".
The NGO requested the Supreme Court to direct SEBI to implement the orders issued by the committee and "order an investigation by an appropriate agency regarding various acts committed by CB Bhave in his capacity as chairman of SEBI so as to do undue favours to NSDL."
Now that the matter is in the Supreme Court, it will be interesting to see if the issue is buried once again. One thing, however, is clear-the main dramatis personae are no longer as powerful as they were under a chairman who was personally involved. Interestingly, Mr Bhave had once told this writer that SEBI has been and remains a chairman-led organisation. This was not clearly visible in its actions, when the chairman was ostensibly "ring-fenced" from the IPO scam-related issues.
(Read the complete orders of the SEBI board: http://www.sebi.gov.in/cmorder/NSDL-IPO.pdf and http://www.sebi.gov.in/cmorder/DSQSoftware.pdf)